American Official Promises a Blockchain Revolution

News and Analysis

Speaking at a guest lecture held at the Harvard School of Law, a member of the US Commodity Futures Trading Commission, J. Christopher Giancarlo, stated that the blockchain could deprive professional accounants and recordkeepers from employment when adopted in the mainstream.

According to the commissioneer, the blockchain is able to start a revolution in the contemporary finance. He used several examples to prove his point, including recent activities in blockchain research undertaken by the London Stock Exchannge and some of European major figures of finance and banking.

Earlier this year the Commission stated it was going to imply regulations on bitcoin similar to those used for common traded commodities.

Speaking about the revolution he expects from broader implemenation of the blockchain techology, he said: “This transformation will not come without consequences, however, including a greatly disruptive impact on the human capital that supports the recordkeeping of contemporary financial markets. On the other hand, the blockchain will help reduce some of the enormous cost of the increased financial system infrastructure required by new laws and regulations.”

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